Wildcat today announced that it has, via a Letter of Intent and subject to due diligence and final agreement, signalled its intent to purchase for a nominal fee, drilling equipment, supplies and drill pipe from New Age (African Global Energy). This is a clear demonstration of the company’s determination to become a producing oil company in 2023.

New Age (African Global Energy) Ltd is currently decommissioning its Ethiopian drill site in the Ogaden Basin (El Kuran). Once all the necessary paperwork, due diligence and final agreement has been concluded, the equipment and supplies will be shipped to Wildcat’s compound in the Republic of Sudan.

It is the Company’s intention to use as much of this inventory as possible in any future drilling/well rehabilitation program in Sudan. Any equipment or supplies not used/needed (including shipping containers) will be sold, and the funds reinvested into oil production operations in Sudan.

Mandhir Singh, Chairman commented:
"This deal demonstrates the company's determination to become a profitable oil producing company in 2023. The deal shows the company ability to get deals done and progress its plans without any large financial outlay or capital expenditure. The company is working tirelessly towards the signing of its first Sudaneses oil deal so it can put the inventory to good use at the earliest possible opportunity"

KeyFacts Energy Industry Directory: Wildcat Petroleum